Network Communications Inc, the company behind U.S.-based real estate-related publications such as The Real Estate Book, said on Friday it signed its fourth extension on a standstill agreement with lenders as it continues talks on restructuring debt ahead of a November expiration.
The company, which is also behind titles such as Apartment Finder and New England Home, defaulted on a $9.4 million interest payment in June after it was unable to secure a new revolving loan facility to replace the existing credit line that expires in November, a regulatory filing said.
Network Communications' total debt currently stands at around $296 million.
The company's business sits at the intersection of two industries that have been hard hit during the economic downturn of the last couple of years: the U.S. housing market and magazine publishing.
The decline in demand in the housing sector has been worsened by falling ad revenue and consumers cutting spending on magazines and other non-essential publications.
The company said on its website that it is the largest national publisher of local printed and online magazines for the real estate market.
(Reporting by Santosh Nadgir in Bangalore; Editing by Tim Dobbyn)